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Comparative Landscape with Open Source

Synoriq LMS


Tech Team




Edge Cases

Limited documentation

Heavy engagement of the Tech Team for customization

No Support

No Updates

Rich Documentation

Sit back, meanwhile, our team does all the customizations for you

24/7 Support Avaiable

Monthly product updates

API First

50,000 Edge Cases Cover

We do the boring task of managing loans really well so that you can focus on your core innovation
List of customizations required in Apache Fineract
  • Automation in Disbursement

    • Bank integrations are required for automated payments. SynoFin comes pre-integrated with multiple banks

  • NPA Compliance

    • Asset Classification

      • Once an NPA, will remain an NPA till the time it is regularized i.e. if 3 installments are pending and then 1 is paid post NPA - it does not change the asset classification

      • Bucketing requirements - SMA-0, SMA-1, SMA-2, Substandard-I, Substandard-II, Doubtful-I, Doubtful-II, Doubtful-III, Writeoff

      • DPD posting on a daily basis

      • Asset classification based on aging and not on DPD only

    • Interest accrual

      • Post NPA, interest accrual should be posted in the suspended interested account which is a memo account

      • Post regularization, the same needs to be auto-moved to the Interest Accrual account

    • Provisioning

      • Compliance with the latest provisioning norms as per the granular bucketing by RBI

      • SynoFin does the automatic posting of provision entries

    • Linked Loans

      • Auto loan linking based on certain customer parameters - If one customer turns NPA then all its loans should be marked NPA 

      • Asset classification should be by the customer and not by loan

  • Repayment Schedule

    • Accounting and customer repayment schedule in case of subvention. Amortization of subvention as interest income

    • Step up and step down EMIs

    • Fixed EMI till a certain time period which is 1) Only interest Or 2) Interest+some principal OR 3) EMI less than interest and capitalization of interest

    • Full loan booking for customers but tranche payouts for education institutes

    • Installment wise Delay days 

  • Repayment management

    • Ability to manage Pre-EMI in case of tranche disbursements

    • NACH and PDC management

      • Detailed entry of PDC and SPDC

      • Handling of presentation process along with accounting for  in-process transactions

      • Managing of bounces

    • Split repayment from multiple co-applicants - multi-NACH

    • Holding EMI presentation

    • BBPS integrations

    • LPP reversal on backdated receipts

    • Lock-in period interest calculation if closed between lock-in period

    • Receivable to receivable transfer without receipt cancellation

  • Charges management

    • Accrual accounting for loans but cash-based accounting for charges - charges hit the ledger only when they are paid by the customer

    • IMD management - initial accounting against application and then the auto movement of IMD against loan account on successful loan disbursement

    • Auto posting of bounce charges on receipt bounce

    • Auto computation of charges on foreclosure

    • Auto computation and posting of charges

    • Granular control on receipt allocation regarding which charge / receivable to knock-off

    • Option to add charges in subsequent tranches in tranche payments

  • Collateral management

    • Collateral dedupe

    • CERSAI reporting

    • LTV

    • Top-up loan on the same collateral

  • Rescheduling

    • Part-payment - change in EMI amount or change in Tenor both supported

    • Rich rescheduling capabilities - Installment change, part payment, rate change, tenure change, due date change, moratorium

  • Restructuring management

  • Tranche disbursement

    • Only interest or principal+interest configurations

  • Advance EMI management

    • 3 different modes of advanced EMI

  • Knock-offs 

    • Auto knock-off through excess money

    • Receivable to payable knock-off

    • Receivable to receivable knock-off - useful in loan cancellation

  • Reversals

    • Knockoff reversal

    • Foreclosure reversal

  • Accounting

    • Separate interest and principal accounting

    • IndAS accounting compliant - amortization of processing fee and other fee

    • GST Invoicing

    • IRR computations

    • PSL details management

    • Handling of accounting asset classification wise

    • GST management - auto identification of IGST or CGST+SGST

    • Nett TDS repayment options - where the borrower deducts TDS while making repayments

  • System Generated Documents

    • Statement of Account

    • Welcome letter

    • Foreclosure letter

    • NOC (with blocking/unblocking)

    • Rescheduling letter

    • Received LOD

  • Insurance management

    • LAP is often lent with an insurance cover for the loan amount

  • EOD/EOM Management

    • Easy switch between auto and manual EODs

    • Daily interest accrual

    • Daily LPI accrual

    • Daily DPD posting

    • Daily asset classification change

    • Installment billing

    • Monthly provisioning and provisioning reversal

    • Knockoff

  • Always having to worry about Compliance

    • RBI keeps rolling out changes through notifications

    • Synoriq proactively ensures the system is fully compliant at all the times

  • Co-lending capabilities

    • Does not offer co-lending capabilities out of the box

  • FLDG management

  • Automation

    • Integration with multiple banks for auto-disbursements

    • Integration with multiple banks for repayment via Virtual Account Numbers

    • Auto NACH presentation process with Integration with third parties like Digio

    • Bureau reporting

    • CKYC reporting

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